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A case study of financing zero-emission power-to-gas technologies in Spain

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  • Portillo-Tarragona, Pilar
  • Llera-Sastresa, Eva
  • Scarpellini, Sabina
  • Benito-Bentué, Darío

Abstract

A zero-emissions scenario entails new energy systems minimizing short and medium-term carbon emissions and transitioning to renewable sources in the long term. In the face of these challenges, information about investments in sustainable energy technologies has to be considered a priority issue for many industry organizations, as it is still an incipient topic in academic literature. In this scenario, this study considers and prioritizes the financial resources mobilized for investments in power-to-gas technologies because they contribute to producing clean and efficient fuels from renewables or carbon-neutral sources. This process typically involves electrolysis to produce hydrogen converted to synthetic gas, which is used as a storable form of renewable energy. This study is essentially qualitative and exploratory, based on semi-structured interviews with experts to help define and classify the financial resources that investments require for these technologies in Spain. We study the institutional influence on the power-to-gas deployment and reflect on how the mobilization of specific resources can contribute to these zero-emission technologies and the related social metrics for reporting sustainable investments, also from the perspective of a Spanish financial institution as an exploratory case study. This study provides theoretical and practical insights regarding the current and future mobilization of financial resources for investments in power-to-gas technologies and energy utilities’ sustainable finance policies in a zero-emissions scenario.

Suggested Citation

  • Portillo-Tarragona, Pilar & Llera-Sastresa, Eva & Scarpellini, Sabina & Benito-Bentué, Darío, 2025. "A case study of financing zero-emission power-to-gas technologies in Spain," Utilities Policy, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:juipol:v:95:y:2025:i:c:s0957178725000803
    DOI: 10.1016/j.jup.2025.101965
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